Market Insights Consumer Accessories Watches & Jewelry

Watches - South Korea

South Korea

In South Korea, the revenue generated in the Watches market is projected to reach US$3.64bn by 2024.
It is anticipated that this market will experience an annual growth rate of 4.88% (CAGR 2024-2029).
When compared globally, in the United States leads the way in terms of revenue, with an estimated US$21,150m in 2024.
Considering the population figures, it is estimated that each person in South Korea will generate approximately US$70.24 in revenue from the Watches market in 2024.
Additionally, it is expected that 67% of sales in this segment by 2024 will be attributed to Luxury.
South Korea is experiencing a rising demand for luxury watches, with consumers increasingly seeking high-end timepieces to showcase their status and sophistication.

Key regions: Germany, United Kingdom, Worldwide, India, Europe

Market

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).